Coinbase Dismisses Revised Clarity Act, Signals Ongoing Friction

bitcoinistPubblicato 2026-03-26Pubblicato ultima volta 2026-03-26

Introduzione

Coinbase continues to oppose the revised Digital Asset Market Clarity Act, despite new compromise language backed by the White House. The bill, introduced by Senators Tillis and Alsobrooks, bans rewards for simply holding stablecoins but permits activity-based rewards—though definitions remain vague. Regulatory agencies have 12 months to clarify rules, but the industry finds the timeline insufficient. Coinbase’s opposition is financially motivated, as stablecoin-related revenue accounted for roughly 20% of its Q3 2025 earnings, largely from its USDC partnership with Circle. CEO Brian Armstrong argues that USDC rewards are revenue sharing, not deposit products. The bill still requires a Senate vote and reconciliation with the House version. If not passed by May, crypto legislation may stall until after midterm elections. With the stablecoin market at $316 billion, time is critical, and Coinbase remains firmly against the current proposal.

In January, Coinbase CEO Brian Armstrong posted on X the night before a planned Senate Banking Committee markup, declared his company could not back the bill, and forced the hearing off the calendar.

Now, after lawmakers unveiled fresh compromise language for the Digital Asset Market Clarity Act, the exchange is signaling the same resistance.

A Bill That Keeps Hitting Walls

Senators Thom Tillis and Angela Alsobrooks announced the revised text March 20, with White House backing. The compromise bans rewards paid simply for holding a stablecoin but allows activity-based rewards tied to payments or platform use.

Banks got what they wanted most. Crypto platforms got a narrow lane — though what qualifies as activity-based rewards remains, according to sources familiar with the draft, frustratingly vague.

The SEC, CFTC, and Treasury would have 12 months to define the rules more precisely, a timeline that offers little immediate comfort to the industry.

Crypto insiders who attended a closed-door Capitol Hill session Monday said the language was overly restrictive. One person familiar with the industry’s first look described the opening impression as a letdown.

 BTCUSD now trading at $70,749. Chart: TradingView

What’s At Stake For Coinbase

The numbers behind Coinbase’s opposition are not hard to find. Stablecoin-related revenue made up roughly 20% of the company’s total earnings in the third quarter of 2025.

Reports say the exchange pulled in $1.35 billion from stablecoins in 2025 alone, most of it from USDC distribution arrangements with Circle.

Armstrong’s public argument has been that USDC rewards are not a deposit product — they are revenue sharing from interest earned on Treasury bills held in reserve.

Treasury Sec. Scott Bessent has already criticized what he called recalcitrant actors resisting compromise, urging Senate passage this spring. Banks, other crypto firms, and the White House are increasingly aligned. Coinbase is not.

A Fragile Timeline With New Complications

The bill still faces multiple hurdles before it becomes law, including a full Senate floor vote requiring 60 votes and reconciliation with the House-passed version from July 2025.

Senator Bernie Moreno has been direct: if the bill does not reach the Senate floor by May, crypto legislation risks going dark until after the midterm cycle.

The stablecoin market sits at $316 billion. For now, the clock is running — and Coinbase has made clear it is not ready to get behind the deal.

Featured image from Quakers and Business, chart from TradingView

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Domande pertinenti

QWhat is the main reason for Coinbase's opposition to the revised Digital Asset Market Clarity Act?

AThe main reason is that the revised bill bans rewards paid simply for holding a stablecoin, which threatens a significant revenue stream for Coinbase. The company argues that its USDC rewards are not a deposit product but rather revenue sharing from interest earned on Treasury bills held in reserve.

QWhat percentage of Coinbase's total earnings in Q3 2025 came from stablecoin-related revenue?

AStablecoin-related revenue made up roughly 20% of Coinbase's total earnings in the third quarter of 2025.

QWhich government officials and agencies are backing the revised compromise bill?

AThe revised bill has the backing of the White House, and it was announced by Senators Thom Tillis and Angela Alsobrooks. Treasury Secretary Scott Bessent has also urged its passage.

QWhat is the key concession the bill makes regarding stablecoin rewards?

AThe compromise bill bans rewards paid simply for holding a stablecoin but allows for activity-based rewards that are tied to payments or platform use.

QWhat is the potential consequence if the stablecoin bill does not reach the Senate floor by May, according to Senator Bernie Moreno?

ASenator Bernie Moreno stated that if the bill does not reach the Senate floor by May, crypto legislation risks being delayed until after the midterm election cycle.

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